Top Trade Ideas for the Week of November 14, 2011: Bonus Idea

• Posted by Greg Harmon
• on November 13th, 2011

Here is your Bonus Idea with links to the full Top Ten:

Tredegar, Ticker: $TG

Tredegar, $TG, is soaking up resistance at 20.85 for the third time in 3 weeks. As it absorbs the offer, the Relative Strength Index (RSI) is in bullish territory and has been since mid October. The Moving Average Convergence Divergence (MACD) indicator was heading to a bearish negative cross, but the Exponential Moving Average (EMA) components have glanced off of each other, sending it back up. A break up above 20.85 sees resistance at 21.15 followed by 22 and 23. Support comes lower at 20.35 and 19.83. Short interest is a bit elevated at just over 4%.

Enter long on a move over 20.85 with a 2% trailing stop. Take off 1/3 of the trade on a touch of 22 and tighten the stop to a 1% trail. Take off another 1/3 at 23. Have a great week!

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The Rest

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After reviewing over 900 charts, I have found some good setups for the week. These were selected and should be viewed in the context of the broad Market Macro picture reviewed Saturday which once again sees Gold and Crude Oil heading higher next week with the US Dollar index and US Treasuries looking to consolidate, with the Dollar biased higher and Treasuries lower on a break. The Shanghai Composite and Emerging Markets both are poised to head lower. Volatility looks to remain in a lower range with a bias to the downside, supporting movement in the Equity Index ETF’s, SPY, IWM and QQQ to the upside. Again a violent move from either Treasuries or the US Dollar Index is likely to overwhelm the drift higher seen in the charts and force Equities in the opposite direction of the move. Watch and be prepared for it. Use this information as you prepare for the coming week and trade’m well.

If you like what you see above sign up for deeper analysis and trading strategy by using the Get Premium button above. As always you can see details of individual charts and more on my StockTwits page.

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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